Consumers' Federation of Australia

4 March , 2020

Banks must be fair, reasonable and ethical in all circumstances

The Banking Code Compliance Committee (BCCC) has published a Guidance Note on clause 10 of the 2019 Banking Code of Practice (the Code). Clause 10 of the Code requires a Code subscribing bank to engage with customers in a fair, reasonable and ethical manner. Clause 10 is one of the Code’s most important obligations and should be embedded within…

4 March , 2020

Call for consumer representatives on Standards Australia Technical Committees – playground equipment and sports and recreational equipment

Do you want to make a difference? Do you want to ensure products and services include consumer protection? Consumers’ Federation of Australia (CFA) is calling for expressions of interest for volunteer consumer representative positions on the following Standards Australia Technical Committees, as part of the CFA Standards Project. Consumers are a key stakeholder group in the…

4 March , 2020

Consumer advocates comment on draft legislation that responds to over a quarter of Banking Royal Commission recommendations

Consumer Credit Legal Service (WA), CHOICE, Consumer Action Law Centre, Financial Counselling Australia, Financial Rights Legal Centre and Super Consumers Australia have published policy submissions that respond to 22 of the Royal Commission’s 76 recommendations. After the shocking scandals of the Royal Commission, consumer groups are supportive of the Treasurer Josh Frydenberg’s efforts to enact…

2 March , 2020

Revised version of the Banking Code in effect from 1 March 2020

On 17 December 2019, the Australian Banking Association announced a revised version of the Banking Code would take effect from 1 March 2020. The changes to the Code address recommendations from the Final Report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. The changes include: ceasing default interest on…

27 February , 2020

Australia’s love affair with streaming continues to thrive

Australia’s love affair with streaming continues to thrive with a new report from the Australian Communications and Media Authority (ACMA) showing 71 per cent of Australians with a TV set in the home used at least one paid video streaming service in 2019. One in 10 Australians had four or more subscription services in the…

26 February , 2020

ASIC releases update on its enforcement and regulatory work

ASIC has released an update on its work in the six-month period from September 2019 to February 2020, including its response to the referrals and recommendations of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry (the Royal Commission). It follows previous updates on ASIC’s response to the Royal Commission’s recommendations…

26 February , 2020

ACCC releases its compliance and enforcement priorities for 2020

ACCC Chair Rod Sims announced the ACCC’s compliance and enforcement priorities for 2020 in a speech to the annual Committee for Economic Development Australia (CEDA). These priorities provide focus to the ACCC’s enforcement and advocacy work, as well as develop solutions to deliver benefits for all consumers. The 2020 priorities include: Competition and consumer issues in the…

25 February , 2020

Who’s looking at your dating app data?

Online dating can be a bit of a minefield, but it’s not just bad dates that you need to be worried about. Are you aware your dating app data is reaching more than potential matches? Find out more from CSIRO here. Consumers Federation of Australia (CFA) is engaging with the challenges of data privacy by supporting…

25 February , 2020

Will coronavirus effect my travel plans? Check the fine print

Extreme weather events in Australia and the recent outbreak of the coronavirus (COVID-19) in China, may leave you wondering where you stand in terms of cancelling, rescheduling or getting a refund on holiday accommodation bookings, flights and other travel plans. The Office of Fair Trading Queensland has released the following media statement: Under the Australian…

20 February , 2020

ASIC consults on draft guidance on the new best interests duty for mortgage brokers

ASIC has today started a four week consultation on draft guidance about the new best interests duty for mortgage brokers. The new obligations were legislated by the Parliament in response to Recommendation 1.2 of the Royal Commission. From 1 July, the obligations will require mortgage brokers to act in the best interests of consumers and to…

19 February , 2020

Battery storage an energy option for consumers

The domestic battery storage market looked set to take off when significant price reductions and rapidly rising electricity prices indicated batteries would soon be cost effective. Unfortunately, over the past few years electricity prices have continued to soar but the price of battery storage has remained high. Do Government subsidies help? Read Dr Martin Gill’s…

17 February , 2020

ASIC releases report reviewing trustees’ PYSP communications

ASIC has released the findings from its recent review of superannuation trustees’ communications with their members about changes introduced through the Treasury Laws Amendment (Protecting Your Superannuation Package) Act 2019 (PYSP). The PYSP reforms were introduced to protect the superannuation savings of Australians from erosion due to inappropriate fees and insurance premiums as well as to reduce unintended…